Monday, 01 June 2020

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The poor of Saudi Arabia are victims of Corona Cancellation of the high allowance and tax increase of 200%

The poor of Saudi Arabia are victims of Corona

Abu Dhabi, United Arab Emirates:- The repercussions of the Corona pandemic hit the major economies of the world, and amid this crisis, limited economic resources have become in direct confrontation with the painful decisions that their governments resort to, as the Kingdom of Saudi Arabia decided to raise the value-added tax rate and stop the cost of living allowance.

According to Saudi Finance Minister Mohammed Al-Jadaan, the cost of living allowance will be discontinued as of June 2020.

The value-added tax rate will be raised from 5% to 15% starting from the first of July.

Al-Jadaan had said: "The sustainability of the public finances requires taking tough and painful measures" to face the economic downturn due to the spread of the Coruna virus and the collapse of oil prices.

In April 2020, the International Monetary Fund expected the economy of Saudi Arabia, the largest economy in the region, to contract by 2.3 percent.

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